The morning news. [volume] (Savannah, Ga.) 1887-1900, 1887-09-22
PREVENTING A BIG PANIC
CLEVELAND TRYING TO RELIEVE
THE MONEY MARKET.


The Government Gives Notice that 1t
Stands Ready to Make Purchases
Daily of 4 1-2 and d Per Cent. Bonds
Unexpectedly-Sm Offerings the
Past Week.
WASHINGTON, Sept 21.--The offerings of
bonds to-day to the Government aggregated
81 $4,000 at prices ranging from 10790 to
110. The light offerings of bonds to-day
was disagreeable surprise to the treasury
officials. Acting Secretary Thompson said
that while the amount of bonds offered was
not as large as he had expected, still the
prices asked were generally reasona-
BILE. Touching the future policy of the de-
partment with reference to bond purchases,
Secretary Thompson said that it would be
improper to make any statement in ad-
vance. If there should be change in the
present policy it would be known only by
the action of the Treasury and not by
means of any preliminary statement of
intentions.
DECLINED TO SAY.
For this reason he declined to say whether
it is the intention to extend the system Of
purchases to the 4 per cent. bonds or to ask
proposals loI selllnS d lump sum VI lo,oou,-
600 or SIS, 900, 600 A. per cents. to the gov
ernment to supply the requirements of the
sinking fund. These and all other plans
that had been suggested for the
relief of the money market
had, he said, been carefully
considered, but no decision had yet been
reached. When it is it will, as already
stated, be announced to the public only
through the action of the department. Be
Il
secretary consulted with the President,
who is taking an active interest in the
financial situation.
The total of the purchases to-day is ST.
065, 300, at prices ranging from 107.9O to
10815.
THE BATEMAN CHARGE.
A Wall street paper called the Indicator
publishes a number of questions which it
calls upon Acting Secretary Thompson, of
the Treasury, to answer, implying that the
Secretary has some connection with A. E.
Bateman, of the New York firm of
Green & Bateman, which is prominent
ly associated with the bear campaign and
that the latter has quietly dictated the
purchase of bonds, etc. While the charge
is indirect, it is made in covert way that
seems to mean a great deal. Secretary
Thompson when spoken to by Star re-
porter on the subject, replied that he didn't
know Mr.. Bateman, and had never seen
him in his life that he was aware of.
CLEvELAND'S PERSONAL ATTENTION.
The President is personally directing the
financial operations of the Treasury Depart
ment. He is consulted at all times, of
course, when any important action is to be
taken, but just now, in the absence of Sec
retary Fairchild, the President is practically
the head Of the Treasury Department, for
the present at least. That bid of 109 to
day would have been certain of acceptance
is pretty well known, of course, to other
holders of 415s. and had they,desired money
they would probably have sent in their
bonds at the above prices, yet the offers ag-
gregated only $l,370,000. This tends tc
make the impression here that the agitation
in New York is artificial and speculative.
A CONSERVATIVE POLICY.
The policy of the administration will be
conservative The fact is recognized that
at best any relief that it can grant will be
of the most temporary character. 1t really
can do nothing but bny bonds and discount
interest. 1t cannot loan money and it can
not make larger deposits than the banks
protect Congress, and Congress only, can
reduce the war taxes, tariff and internal
revenue. Rut the President has no present
intention of calling an extra session of Con
gress, as it could not meet before
November and could accomplish little
in the additional time thus
gained. When it meets in December a tax
reduction bill viii have been prepared
which will cut down the revenue from $780,
100000 to S9O, 900, 900 by repealing tobacco
taxes and reducing the tariff taxes. Let
Congress promptly pass that and the present
trouble predicted by President Cleveland,
Secretary Manning and Secretary Fairchild
for the last two years will be abolished.
CALL FOR AIS AND Is.
WASHINGTON, Sept. 81, II p. M-Assist-
ant Secretary Thompson and Treasurer
Hyatt held a long conference with the Presi-
dent tonight remaining at the White
House until about II O'clock. At midnight
the following circular was given to the press.
1t will be issued from the Treasury
Department tomorrow: son and after
this date the government will purchase daily,
until Oct. g 1897 at the Office of the Secre-
tary of the Treasury, to he applied to the
sinking fund United States AZ per cent.
bonds of 1881 and per cent bonds of 1907,
acts of July II, 1870, and Jan. 20, 1871, upon
the following terms: AZ per cent. bonds
will be accepted at los and four-tenths
Q0S.4) during the above stated period, and
four per cent. bonds during the remainder
of the present month at one hundred and
twenty-five (125, aud from October | TO Oc-
toberS, 1887, at one hundred and twenty-four
Q24l, which prices include accrued interest
to date of purchase TIE aggregate amount
of both classes of bonds which
will be accepted within the time above
specified is not to exceed 1900, 600 Offers
should state the specific character of the
bonds, whether registered or coupon. No
further bids for bonds, as provided in circu-
lar No 80, dated Aug. 3, 1887, will be re-
ceived after this date Interest due Oct.
|, 1887, on United States bonds, amounting
to about 81, 800, 600 win be paid on Sept rs,